CALCMONEY // MORTGAGE REFINANCE // WA
Washington average rate: 6.85%. On the median loan of $472,000, a 1% rate drop saves $308/month and breaks even in 39 months.
Calculate Your Refinance6.85%
$590,000
$3,093
$11,800
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.35% (save 0.5%) | $2,937 | $156/mo | 6yr 4mo | $44,314 |
| 5.85% (save 1.0%) | $2,785 | $308/mo | 3yr 3mo | $99,189 |
| 5.35% (save 1.5%) | $2,636 | $457/mo | 2yr 2mo | $152,760 |
The median home price in Washington is $590,000. At 80% LTV, the typical loan is $472,000 at the current 6.85% average rate, producing a monthly P+I payment of $3,093. Total interest over 30 years at this rate: $641,416.
Property taxes in Washington average 1.03% of assessed value, or $6,077 per year on the median home. This adds $506/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.
Washington has no state income tax, so there is no state-level mortgage interest deduction. The federal deduction still applies on loans up to $750,000 for itemizers.
Massachusetts
$610,000 median home
COColorado
$540,000 median home
DCDistrict of Columbia
$645,000 median home
NJNew Jersey
$505,000 median home